Local Expenditure it seems later on will be an important consideration. As the safekeeping of the fund is the first consideration, I would not deposit it with the Banks except against securities. It will, of course, earn less interest. In such a case, during the construction of these works, considerable sums will have to be dealt with as balances awaiting Local Expenditure, however carefully the Estimates are prepared and the instalments apportioned; and it would then be worthwhile to make special arrangements with the Banks in this regard.
Should it not be as well to telegraph to know what portion of their first instalment is expected to be spent on machinery, materials, and stores imported from England?
I submit.
GR717/3